
Dell FY2027 Q2 Earnings: $47B Revenue, a $95B AI Backlog, and the Cash-Conversion Test
Dell reported $46.971B of FY2027 Q2 revenue (+58% YoY), $4.133B of net income (+255%), and a $95B AI-server backlog, yet operating cash flow fell 13% to $2.225B while inventory doubled to $21.290B. A double-entry breakdown of segment margins, working capital, and the second-half conversion test.










